Premium Real Estate Ltd.
Premium Real Estate Ltd. is a real estate company dealing in the buying and selling of land and property and also other financial projects. Premium Real Estate Ltd. started business in Wellington in 1985 and now is widely known in the city. When the company first started, it was quite small but today we buy and sell property worth millions everyday. Most of our customers are investors buying and selling property for profits. I, Mohamed Muzamil, am the director of the company.
Running Premium Real Estate Ltd., I have experienced many ups and downs and have also encountered social, ethical and legal conflicts. Some of the ethical issues question the precise payment of taxation, difference in wages, and misuse of customer's finances.
Dissatisfaction existed among the workforce due to wage differentials, which meant some people were paid more than others, though they were in the same department, but the new wage scheme has resolved this as from now on, people with higher qualifications and experience would be paid more.
Wellington government charges 25% corporation tax on all business revenues. And if this percentage is reduced from our revenues, our advertisement campaign would come to a halt and we might even have to lay-off workers. On analyzing, paying such a high rate of taxation that would risk the development and growth of the company is seriously not logical. And hence Premium Real Estate Ltd. has maintained dual accenting system, one which records all the figures of the company's transaction and the second accounts ledger is where all revenues are underestimated and all the expenses are overestimated, this would be presented in all the out-of-company official matters. Another profit maximizing opportunity that was observed was to use our customer's capital to invest in some short period investments and...